Although the economic downturn of 2008 saw businesses cut corporate hospitality, the market has bounced back with a vengeance over recent years.
It may surprise many that the first recorded reference of corporate hospitality in the Collins English Dictionary appears at the end of the 19th century. This suggests that the industry has a longer history than one might imagine.
For many years, then, it has been a great way of cultivating relationships with individuals within your industry and potential clients. The facts suggest that it is a tried and trusted strategy to boost sales and enhance business.
Sport and entertainment venues lead the way in the development of the sector, but companies must look closely at how they can best spend their marketing budget.
First of all, assess your client base and potential targets. Do not just book an event because you have a good deal – rather, make sure the hospitality event suits your audience. Are they music fans or art enthusiasts or does a sporting event tick the box? Whichever you choose you must be able to engage in relaxed conversation as well as be observers of the event you have chosen.
You may want to make sure that the day offers time to sit down, chat and develop the business relationship.
These types of events are a way to show your fun loving side as well as you can make a real impression with the food, decorations and even the lighting at your event. You can for example contact a Lighting Specialists such as https://encapsulite.co.uk/ who will create a memorable lighting display for you.
It is important to realise that hospitality for its own sake is a thing of the past. It is no longer about rewarding clients with a freebie, but rather linking the event to commercial updates, networking and feedback. By delivering these objectives the guests will feel informed and recognised and will have developed new business relationships. A successful event will also mean trust has been established.
Business has always been done in convivial environments, and modern-day corporate entertainment is no different to that offered in Victorian restaurants and boardrooms in terms of results. Ensuring the client is comfortable and entertained remains key to a successful outcome.
Arranging an event which will be memorable for the client will always have an impact on the future relationship.